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Do It Yourself Bankruptcy

May 11, 2010 By admin Leave a Comment

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Do It Yourself Bankruptcy Filing Procedure

Author: Peter Gitundu

Filing for bankruptcy is not a smooth sailing process. It calls for the services of an experienced attorney. However, this calls for an additional cost, which may not be readily available, considering that you are already broke. For this reason, there has to be an easier way out and that is where do it yourself filing comes in.

Note, however, that you are highly advised to first look for other alternatives before deciding to file for insolvency. If you look more closely, you will find that you can try writing to your creditors, explaining how you plan to settle the debts. If your bankruptcy is as a result of overspending, then you can start working on a budget that you will be committed to.

If the budget is well balanced, you might be surprised that you could be able to save just a little bit more of your money to start sorting out your creditors. If all this fails and you decide it is time to go public and file for insolvency, then you could cut on the costs of hiring a lawyer and do it yourself. How? First go for expert advice on what you are required to know, which includes knowledge about the chapters under which you are supposed to file.

Once you are sure you can be able to represent yourself even to your creditors, you  can go ahead and file for insolvency. What then follows is that you have to notify all your creditors that you have filed for bankruptcy so that they will quit harassing you as they seek compensation.

Article Source: http://www.articlesbase.com/personal-finance-articles/do-it-yourself-bankruptcy-filing-procedure-891842.html

About the Author

Peter Gitundu Researches and Reports on Bankruptcy. For More Information On DIY Bankruptcy, Read More Of His Articles Here DIY BANKRUPTCYYou Can Also Add Your Views About DIY Bankruptcy On His Blog Here DIY BANKRUPTCY

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Filing For Personal Bankruptcy

May 1, 2010 By admin Leave a Comment

11 Clear Signs That The U.S. Economy Is (Headed Into The Toilet) by Coyote2024

How To File Bankruptcy And Save On Legal Expenses -- 3 Ways Of Filing Personal Bankruptcy

Author: Roilee Mandeville

How can you begin with your bankruptcy? If you want to declare yourself bankrupt you have to start the process by filing the official bankruptcy forms. You must know the several methods on how to file for bankruptcy. Your objective is to get the most inexpensive bankruptcy solution and save huge money on legal expenses. This article will give you an overview of the different process of filing for bankruptcy. This article is not a substitute for legal advice, and it is not intended to give you specific legal advice on your financial situation.

The Safest Method

This is the easiest and safest way to file personal bankruptcy -- retain a bankruptcy lawyer full-time. The attorney will guide you through the whole bankruptcy process. It is the lawyer's job to evaluate, prepare and file your case. During the creditors meeting your attorney will handle all the tough issues that may arise. The only negative in using this method is that it costs more. You must find a way on how to filter attorneys the right way for you to get the best workable deal if you want to use this method.

The Hybrid Method

This method is the most followed technique in filing for bankruptcy. The hybrid method normally works best in filing Chapter 7. The key component here is to hire the services of a lawyer or law firm to prepare your forms. You need to pay the service provider with a fixed fee. Once they file your documents you're on your own. You can save large amount on legal fees because half of the solution is a do-it-yourself work. You should look for a bankruptcy preparation service that will also give you a mini seminar on how to manage the do-it-yourself portion as part of the package.

The Cheapest Method

This method is a full do-it-yourself (DIY) solution or "pro-se" filing. You need to educate yourself with the complexity of the bankruptcy laws. You can download the official bankruptcy forms free but it is usually easier to do this method if you buy an up-to-date bankruptcy book or a bankruptcy kit. If you try to ask instructions from your local court clerks they will say they can't help you. They will not give you advice on how to fill up the forms because that would be "practicing the law" -- a task reserved only for licensed bankruptcy lawyers.

What To Do Next?

Now that you know the different ways of filing personal bankruptcy, which method are you going to select? The new bankruptcy law does not require you to have an attorney, but it is in your best interest to seek the advice of an seasoned bankruptcy attorney. If you choose to file bankruptcy without the help of a lawyer, you will need to have to exhibit a lot of patience and diligence. Keep in mind and remember that when it comes to personal bankruptcy, you either liquidate your assets or you protect them.

Article Source: http://www.articlesbase.com/finance-articles/how-to-file-bankruptcy-and-save-on-legal-expenses-3-ways-of-filing-personal-bankruptcy-782498.html

About the Author
Do you want to know where you can get inexpensive bankruptcy filing services? Find out how to file personal bankruptcy with easy, fast, and inexpensive bankruptcy solutions. Go to http://www.bankruptcylawyersandattorneys.com/how-to-file-bankruptcy.html and get a free e-book when you visit today!

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Los Angeles Bankruptcy. Go on With your Life

March 17, 2010 By admin Leave a Comment


Not many things can be as hard as having to declare yourself bankrupt, whether in a personal capacity or a business capacity. The Los Angeles bankruptcy system offers several ways of improving your situation after surviving bank.

As a person or a business, filing bankruptcy is a big step in your financial life, in either circumstance it seems to demonstrate that you have no control over your financial state and by extension over your life. This is however something that is becoming a fact of life for a far greater number of people than most people would ever guess or even care to admit. The causes vary greatly from case to case, but the end result is always the same.

- According to The Los Angeles Bankruptcy system, what to do after filing bankruptcy -

Thanks to the Los Angeles bankruptcy system, refinancing is possible, although can seem like an especially difficult challenge, but it does not have to be like that. Six months after your bankruptcy has been finalized, you can find lenders willing to refinance your mortgage. As a matter of fact, refinancing your mortgage can help rebuild your credit to good standing in more or less two year

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Filing For Bankruptcy Is Not A Reflection On You As A Person

March 11, 2010 By admin Leave a Comment


JC Law Group specializes in helping individuals and families in the Bay Area with filing for Bankruptcy and debt relief. Their areas of practice focus on Chapter 7 and Chapter 13 bankruptcy. If you are burdened by debt and want to explore filing bankruptcy as an option for relief, they can help you very well.

Filing for bankruptcy is not a reflection on you as a person. Perhaps you owe more on your home than what it is worth and you are struggling to make the payments, you are going through a life changing experience such as a serious illness, loss of employment, divorce or death in the family. You do not have to go on living with the constant calls from the creditors or mounting debts. Bankruptcy laws allow people who are overwhelmed by debt to get a fresh start easily.

According to the American Bankruptcy Institute "household debt is at a record high relative to disposable income." The Administrative Office of the U.S. Courts reported that the number of filings for the year ended March 31, 2003 "exceeded 1.6 million for the first time in any 12 month period," a 15.1 percent increase from the previous year.

There are two types of personal bankruptcy: Chapter 7 and Chapter 13. Chapter 7 Bankruptcy and Chapter 13 are legal proceedings that are available to a person to cope with the financial crisis. Personal bankruptcy must be filed in a federal bankruptcy court. You will have to pay about $160.00 in court fees. Attorney fees will be additional.

Chapter 7 of bankruptcy involves the liquidation of all your assets that are not exempt from the bankruptcy settlement. Exempt property can include automobiles, some household furnishings, and property needed for work-related use; for example if you were a mechanic the tools you use to perform your work would be exempt from the bankruptcy settlement. Exemption amounts vary from state to state.

A Chapter 13 bankruptcy allows you to keep property, like a mortgaged house or car, as long as you have a steady income. Chapter 13 bankruptcy is a court-ordered and approved repayment plan to your creditors. This allows you to use your future income to pay back your debts over a 3-to-5 year period without surrendering any property. Once you complete the payments under the plan, your debts are discharged by the court.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, utility shut-offs, and debt collection activities. Both provide exemptions that allow people to keep certain assets, although exemption amounts vary.

The sweeping changes to the laws in 2005 made filing bankruptcy more complex, and often inaccessible to most people, particularly those with low incomes. Attorney

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Yaser Arafat of Bankruptcy?

March 5, 2010 By admin Leave a Comment


Exemption laws are crucial to any personal bankruptcy filing. Indeed, the availability of exemptions is usually key to the determination of whether to file bankruptcy in the first place. If the debtor has significant amounts of property that could potentially be lost in a chapter 7 liquidation, chapter 13 may be the answer. Even in a chapter 13 setting, the value of nonexempt property may determine the minimum that must be paid to unsecured creditors. All bankruptcy lawyers can agree about the fundamental importance of the exemption laws, however, sometimes it can be tricky figuring out which state's exemption laws apply.

When states have opted out of federal exemption standards and created their own, choice of exemption law is decided by domicile. The state exemption law that applies to a debtor is determined by the state in which the debtor's domicile has been located for the 730 days (two years) immediately preceeding the filing. What if the debtor has lived in two different places in the past two years? For example, North Carolina has experienced rapid growth in population by people drawn to its pleasant climate and strong economy. For the new North Carolina resident formerly of Florida whose exemption laws apply?

If the debtor's domicile has changed in the last two years, the determining factor for exemption law purposes will be where the debtor resided for the 180 day period preceding the two year period. In other words, we look back two years plus 180 days. Wherever the debtor spent the majority of the 180 day period will be his or her exemption state. The plot thickens when the debtor's exemption state requires that a debtor be a resident to take advantage of its laws. Some states such as Goergia limit their exemption laws to domiciliaries (defined as someone who lived in Goergia longer than anywhere else in the 180 day period preceeding the bankruptcy filing).

So what becomes of the debtor who lived in Goergia for 10 years but moved to North Carolina 1 year ago? Let's run through the analysis. Since the debtor has not lived in North Carolina for the last two years, North Carolina exemption law is not applicable. We turn to the Goergia bankruptcy exemptions. But wait! Goergia law mandates residency in Goergia in order to claim its exemptions. Have we created the Yasir Arafat of bankruptcy debtors? No protection from any bankruptcy exemption laws. Thankfully, No. If the effect of this complicated residency scheme is to render the debtor ineligible to claim any exemptions, the debtor may elect to exempt property under the federal exemptions, even if the state of the debtor's domicile is an opt out state.

Charlotte bankruptcy lawyer John O'Connor contributing. With offices serving Winston-Salem, High Point, Greensboro and Charlotte, North Carolina, The O'Connor Law Firm specializes in consumer bankruptcy as well as real estate finance issues.*

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